Want High-Limit Credit Cards? You’ll Have To Earn Them

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WWR Article Summary (tl;dr) Learning more about credit limits can help you determine whether a high-limit credit card is right for you.

Bankrate.com

If you have a credit score of 750 or higher, you are in the minority of consumers who typically qualify for high-limit credit cards.

Because of this evidence of solid credit and financial history, credit card companies are more willing to offer high limits and increased benefits to get you to use their credit cards and other financial services.

Prior to the financial crisis of 2008, it was not uncommon for people to have credit cards with limits of up to $50,000.

Credit card companies have since slashed limits, and now a high-limit card is one with limits of $5,000 or more.

Learning more about credit limits can help you determine whether a high-limit credit card is right for you.

SPENDING LIMITS AND YOUR CREDIT SCORE
Your credit limit is the maximum amount of money that the credit card company allows you to borrow.

Allowing you to borrow any amount is a risk on the part of the credit card company, which is why high-limit credit cards are reserved for those who have high credit scores and strong credit histories.